Diversified conglomerate: Pork (vertically integrated), Commodity Trading & Milling, Marine shipping, Liquid Fuels (biodiesel), Power generation (Dominican Republic), Turkey (52.5% Butterball). $5.4B revenue. | AGI Score: 5/10 | P/TB: 0.94x | Buybacks: -17% share count change | Analysis date: 2026-03-13
Diversified conglomerate at 0.94x book with 17% buyback. Physical assets across agriculture, shipping, energy, food. This is the Berkshire Hathaway of small-cap food/commodities — hard to replicate portfolio of physical businesses.
Diversified conglomerate: Pork (vertically integrated), Commodity Trading & Milling, Marine shipping, Liquid Fuels (biodiesel), Power generation (Dominican Republic), Turkey (52.5% Butterball). $5.4B revenue.
Sector: Diversified Conglomerate | Employees: 14,000
Category: Minimal Impact
Diversified commodity/infrastructure business with modest AGI net impact. Demand boost moderate: Power segment benefits from AGI electricity demand; Marine benefits from increased trade. Margin expansion potential via optimization of logistics, commodity trading algorithms, and production efficiency (hog farming, grain processing). Strategic assets (farmland, ships, power plants, processing facilities) are physical bottlenecks that take years to build. Disruption risk low—AGI doesn't eliminate need for food, energy, or shipping. Innovation risk modest—physical infrastructure takes decades to transform. Net positive from operational efficiency and infrastructure scarcity.
Massive physical asset base: ships, processing plants, farmland, power plants. 17% buyback at near book value. Extremely diversified — no single business risk. Family-controlled (long-term oriented). $5.4B revenue but only $4.8B market cap = trading below 1x revenue.
Conglomerate discount is permanent — market doesn't value complexity. Pork/turkey are commodity businesses with thin margins. Marine shipping is cyclical. No technology moat. Management opacity (family-controlled, minimal investor relations).
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5B | $6B | $7B | $2B | $7B | $9B | $11B | $10B | $9B | $10B |
| Net Income | $314M | $246M | $-17M | $283M | $283M | $571M | $582M | $227M | $90M | $501M |
| Operating Income | $222M | $232M | $209M | $91M | $134M | $458M | $657M | $-87M | $156M | $239M |
| Operating Cash Flow | — | $245M | $238M | $171M | $291M | $92M | $676M | $710M | $519M | $568M |
| CapEx | $158M | $173M | $162M | $349M | $259M | $460M | $474M | $506M | $511M | $562M |
| Total Assets | $5B | $5B | $5B | $6B | $6B | $8B | $8B | $8B | $8B | $8B |
| Stockholders Equity | $3B | $3B | $3B | $4B | $4B | $4B | $5B | $5B | $5B | $5B |
| Shares Outstanding | 1,170,550 | 1,170,550 | 1,170,501 | 1,165,758 | 1,161,526 | 1,160,779 | 1,160,779 | 1,117,636 | 971,055 | 964,113 |
| Free Cash Flow* | — | $72M | $76M | $-178M | $32M | $-368M | $202M | $204M | $8M | $6M |
| Share Count Change | — | +0.0% | -0.0% | -0.4% | -0.4% | -0.1% | +0.0% | -3.7% | -13.1% | -0.7% |
*FCF = Operating Cash Flow - CapEx
| Balance Sheet Item | Latest FY |
|---|---|
| Total Assets | $8B |
| PP&E (net) | $3B |
| Cash & Equivalents | $178M |
| Goodwill | $168M |
| Intangible Assets | $19M |
| Total Liabilities | $3B |
| Long-Term Debt | $977M |
| Stockholders Equity | $5B |
| Tangible Book Value | $5B |
Goodwill: $168M — this is a real risk; if written down, equity shrinks
Intangible Assets: $19M
PP&E: $3B — physical assets that could be liquidated
Tangible Book Value: $5B ($5.27K per share)
| Metric | Value | Notes |
|---|---|---|
| Book Value / Share | $5,465.68 | Stockholders equity / shares |
| Tangible Book Value / Share | $5,270.44 | Equity minus goodwill & intangibles |
| Price / Revenue | 0.49x | Market cap / TTM revenue |
| OCF Yield | 11.8% | Operating cash flow / market cap |
| FCF Yield | -4.7% | Free cash flow / market cap |
| Floor Price Estimate (60% TBV) | $3,162.27 | Conservative: 60% of tangible book value per share |
Tangible Book Value per share: $5,270.44
Conservative Floor (60% of TBV): $3,162.27 — At this price, you are buying hard assets at 60 cents on the dollar with margin of safety.
Current price $5,025.99 is below tangible book value ($5,270.44).
Buyback impact: Buybacks: -17% share count change. If management continues buying back shares below book value, per-share intrinsic value compounds upward even without earnings growth.
item1"> Ite m 1 . Business Company Overview Seaboard Corporation and its subsidiaries (collectively, “Seaboard”) together comprise a diversified group of companies that operate worldwide in agricultural, energy and ocean transport businesses. Seaboard is primarily engaged in hog production, pork processing and biofuel production in the United States (“U.S.”); commodity trading and grain processing in Africa and South America; cargo shipping services in the U.S., Caribbean and Central and South America; and electric power generation in the Dominican Republic. Seaboard also has an equity method investment in Butterball, LLC (“Butterball”), a producer and processor of turkey products. Seaboard’s diverse operations are relatively decentralized, with each segment having a management team that operates independently of the others. Seaboard was originally founded in 1918 as a flour brokerage business and was organized as a Delaware corporation in 1946. In its over 100-year history, Seaboard has grown under generations of family leadership and broadened its portfolio of industries. Approximately 74% of the outstanding common stock of Seaboard is collectively owned by Seaboard Flour LLC and SFC Preferred, LLC, which are Delaware limited liability companies. Ellen Bresky, the Chairwoman of Seaboard’s Board of Directors (the “Board”), and other members of the Bresky family, including trusts created for their benefit, own the equity interests of Seaboard Flour LLC and SFC Preferr
item7"> Item 7 . Management’s Discussion and Analysis of Financial Condition and Results of Operations This Management’s Discussion and Analysis is provided as a supplement to, and should be read in conjunction with, Seaboard’s consolidated financial statements and the accompanying notes in Item 8. Certain statements in this report contain forward-looking statements. See the introduction in Item 1 for more information on these forward-looking statements, including a discussion of the most significant factors that could cause actual results to differ materially from those in the forward-looking statements. For discussion related to the results of operations for 2024 compared to 2023 refer to Part II Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in Seaboard’s Form 10-K for the year ended December 31, 2024. OVERVIEW Seaboard’s operations are heavily commodity-driven and financial performance for certain segments is cyclical based on respective global commodity markets and trends in economic activity. During 2025, the U.S. government imposed tariffs and trade restrictions on certain products from some foreign jurisdictions, and in response to these actions, some countries imposed retaliatory tariffs on certain products produced in the U.S. The impact of tariffs was not material to Seaboard’s 2025 results; however, Seaboard continues to monitor the current uncertainties with tariffs and other geopolitical conditions. Seaboar
What assets exist? PP&E of $3B. Total assets of $8B Tangible book value of $5B. Goodwill of $168M is a risk.
Are buybacks real? Yes — Buybacks: -17% share count change. This is the AMR playbook: buy back shares below book value to compound per-share intrinsic value.
Is the business durable? Diversified Conglomerate with AGI score 5/10. Low AGI disruption risk — physical business that AGI does not easily replace.
What is the floor? At $3,162.27 (60% of TBV), downside is limited by hard assets. Current price $5,025.99 is above the floor estimate.
Data sources: SEC EDGAR XBRL, yfinance, 10-K filing extracts, AGI scoring framework. Analysis date: 2026-03-13.